{
  "title": "Sovereign Borrowing Cost and the IMF’s Data Standards Initiatives",
  "publication": "IMF Working Papers, March 1, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-borrowing-cost-and-the-imfs-data-standards-initiatives-18900",
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  "summary": "The effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets are investigated for 26 emerging market and developing countries.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets are investigated for 26 emerging market and developing countries.\n- Subscription to the Special Data Dissemination Standard (SDDS) reduces launch spreads by an average of 20 percent.\n- Participation in the General Data Dissemination System (GDDS) reduces spreads for those countries with access to capital markets by an average of 8 percent.\n- These estimates correspond to discounts of some 50 and 20 basis points, respectively.\n- Evidence of similar discounts is also found when launch yields are analyzed."
    },
    {
      "heading": "Quantitative estimates and measures",
      "content": "- Sample size: 26 emerging market and developing countries.\n- SDDS effect on launch spreads: average reduction of 20 percent.\n- GDDS effect on launch spreads (for market-access countries): average reduction of 8 percent.\n- Corresponding discounts: some 50 basis points (SDDS) and 20 basis points (GDDS).\n- Similar discounts observed in analyses of launch yields."
    },
    {
      "heading": "Scope, methods, and robustness",
      "content": "- Analysis: stable and significant panel econometric estimates.\n- Outcome measures: launch spreads and launch yields in private capital markets.\n- Population: emerging market and developing countries with varying access to capital markets."
    },
    {
      "heading": "Policy implications and interpretation",
      "content": "- Adoption of the IMF's data dissemination standards (SDDS and GDDS) is associated with measurable reductions in sovereign borrowing costs in private markets.\n- The magnitudes reported—20 percent and 8 percent reductions in launch spreads, and discounts of some 50 and 20 basis points—provide quantifiable benefits of data transparency and adherence to IMF data standards."
    },
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      "heading": "Publication and metadata",
      "content": "- By John Cady, Anthony J. Pellechio\n- March 1, 2006\n- Pages: 26\n- Volume: 2006\n- Issue: 078\n- Series: Working Paper No. 2006/078\n- DOI: https://doi.org/10.5089/9781451863383.001\n- Stock No: WPIEA2006078\n- ISBN: 9781451863383\n- ISSN: 1018-5941\n\nSource: IMF Working Papers — \"Sovereign Borrowing Cost and the IMF’s Data Standards Initiatives\" by John Cady and Anthony J. Pellechio (March 1, 2006).\n\n---\n\n Content in this bundle\n\n- Wp0678\n  - Wp0678 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp0678 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-borrowing-cost-and-the-imfs-data-standards-initiatives-18900"
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    "Authors: John Cady, Anthony J. Pellechio",
    "Published: March 1, 2006",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451863383.001",
    "The effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets are investigated for 26 emerging market and developing countries.",
    "Subscription to the Special Data Dissemination Standard (SDDS) reduces launch spreads by an average of 20 percent.",
    "Participation in the General Data Dissemination System (GDDS) reduces spreads for those countries with access to capital markets by an average of 8 percent.",
    "These estimates correspond to discounts of some 50 and 20 basis points, respectively.",
    "Evidence of similar discounts is also found when launch yields are analyzed.",
    "Sample size: 26 emerging market and developing countries.",
    "SDDS effect on launch spreads: average reduction of 20 percent.",
    "GDDS effect on launch spreads (for market-access countries): average reduction of 8 percent.",
    "Corresponding discounts: some 50 basis points (SDDS) and 20 basis points (GDDS).",
    "Similar discounts observed in analyses of launch yields.",
    "Analysis: stable and significant panel econometric estimates.",
    "Outcome measures: launch spreads and launch yields in private capital markets.",
    "Population: emerging market and developing countries with varying access to capital markets.",
    "Adoption of the IMF's data dissemination standards (SDDS and GDDS) is associated with measurable reductions in sovereign borrowing costs in private markets.",
    "The magnitudes reported—20 percent and 8 percent reductions in launch spreads, and discounts of some 50 and 20 basis points—provide quantifiable benefits of data transparency and adherence to IMF data standards.",
    "By John Cady, Anthony J. Pellechio",
    "March 1, 2006",
    "Pages: 26",
    "Volume: 2006",
    "Issue: 078",
    "Series: Working Paper No. 2006/078",
    "DOI: https://doi.org/10.5089/9781451863383.001",
    "Stock No: WPIEA2006078",
    "ISBN: 9781451863383",
    "ISSN: 1018-5941",
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